Intrust Super members get access to a bonus that could be worth thousands Nov 30, 2020

Senior couple browsing the internet together. Retirees using a laptop computer at home

Industry fund Intrust Super has introduced the Pension Transfer Bonus (PTB) which could increase retirement balances by tens of thousands of dollars. 

The PTB provides Intrust Super members with a tax rebate when they move their super savings to the Super Stream account-based pension account. This tax rebate has the potential to significantly impact retirement balances.  

Intrust Super CEO, Brendan O’Farrell, says the PTB provides a compelling reason for retirees to keep their savings invested and therefore growing throughout retirement.

 “Our Pension Transfer Bonus could have an enormous impact on the retirement balance of our members. 

“This bonus will also help encourage retirees to keep their savings invested by opening a Super Stream account-based pension, rather than withdrawing their retirement savings as soon as they reach their preservation age.

“As a not-for-profit industry fund, improving member outcomes is our main goal. This tax rebate is just one of the ways we’ve found to reinvest in our members and their savings,” he said.

The PTB is available thanks to the money Intrust Super has put aside to pay capital gains tax when assets in investments are sold for a profit. The Super Stream account-based pension is a tax-free investment environment.

So when members transfer their savings to a Super Stream account based pension, Intrust Super doesn’t need to pay capital gains tax on the investment earnings. The money that was set aside to cover a member’s tax can instead be paid straight into their retirement accounts. 

To be eligible for the bonus, the member must have been an Intrust Super member for at least 12 months before transferring their savings to the pension account.

The PTB will appear as an additional credit as soon as a member opens a Super Stream account-based pension.